Georgia to welcome $500 million in investments

Georgia Materials 15 March 2018 09:31 (UTC +04:00)

An investment business holding company, Georgia Capital of BGEO Group will invest $500 million "over the next few years” in Georgia, of which Eurobonds worth of $300 million has already been listed and traded on the Irish Stock Exchange, Agenda reports.

Georgia Capital plans to invest the attracted funds to Georgian companies operating in various fields of Georgia’s economy.

"It is very exciting that a new investment of $300 million will flow into the country’s strategically important fields such as tourism, energy and real estate. It is welcomed that a non-governmental non-financial Georgian company has listed Eurobond and attracted $300 million,” said Georgia’s Prime Minister Giorgi Kvirikashvili at the presentation of investment plans of Georgia Capital that was held today.

While delivering his speech at the presentation, Kvirikashvili accented the increased volume of foreign direct investments (FDIs) in Georgia. He said the economic development model implemented by the government was successful and this was proved by the recent statistics of FDI.

"An absolutely correct course is being taken for improving our business environment. FDI grew by 16.2 percent and reached $1.862 billion, which is an impressive number. We are also delighted that the reinvestment has been increased by 130 percent – about $712 million has been reinvested. This amount of money would flow out from the country if not for the growing economy (4.8 percent economic growth) and profit tax reform”, Kvirikashvili said.

PM Kvirikashvili also announced that the Global rating agency Fitch Ratings had revised Georgia’s outlook from stable to positive.

"Recently Moody improved Georgia's credit rating from Ba 3 to Ba 2, while today it was announced that Fitch Ratings has changed Georgia’s outlook from stable to positive”, Kvirikashvili said.